Mt. Gox Leaked Financials Show It Was Profitable (Before Being Robbed Of $300 Million)

Tuesday

Feb 25, 2014 at 4:33 PM

Jim Edwards

An unredacted version of Mt. Gox's "crisis strategy draft" shows the Bitcoin exchange was projected to be financially healthy and profitable before it was robbed of $300 million.

Through March of this year it was supposed to book more than $10 million in net sales, and show $3 million in operating profit. After taxes, it was projected to show a $2 million profit on the bottom line.

By 2016, Mt. Gox was projected to be booking $72 million in revenues and earning $39 million in net income. Bitcoin exchanges get their revenues from service charges and through trading their own Bitcoin accounts. Mt. Gox's financials are separate from the deposits held in user accounts, which were the targets of the theft.

As bank robber Willie Sutton once said when he was asked why he robbed banks, "That's where the money is":

We saw this first on Techcrunch, which obtained an unredacted copy of the numbers from Twitter user Blake Commagere.

See Also:

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